Brewin cuts VAT from managed portfolios

All MPS models will have VAT removed from 1 October

Brewin Dolphin is to cut VAT from all its managed portfolios from 1 October, it announced today.

The wealth management company took action after HM Revenue & Customs confirmed that Brewin was able to self-assess whether VAT was due on its managed portfolio service (MPS). Brewin Dolphin bolsters sustainability team with double appointment Antony Champion, head of intermediaries at Brewin Dolphin, said the decision affected active and passive ranges. "HMRC has now confirmed that we can self-assess whether VAT is due on our MPS," he said. "We have reviewed the tax rules and we are confident that VAT should not apply. "We have always maintained tax should not be a competitive a...